The Central Bank of Nigeria (CBN) has introduced a new ATM fee structure set to take effect on March 1, 2025, a move that could impact small business owners and entrepreneurs who rely on cash transactions.
Under the new policy, withdrawals from a customer's own bank's ATM (On-Us transactions) will remain free. However, withdrawals at a different branch of the same bank will now attract a ₦100 charge per ₦20,000 withdrawn. More significantly, withdrawals from another bank's ATM (Not-On-Us transactions) will now incur a ₦100 fee plus a surcharge of up to ₦500 per ₦20,000 withdrawn.
Additionally, the three free monthly withdrawals from other banks' ATMs have been scrapped, meaning small businesses may face higher costs when accessing cash outside their bank's network. International withdrawals will also become more expensive as fees will now follow a cost recovery model, placing the full burden of charges on users.
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For SMEs that depend on frequent cash withdrawals to manage operations, these changes could increase financial strain. Many business owners have voiced concerns over the impact on daily transactions, with critics calling the policy an additional burden on struggling businesses.
As the new charges take effect in 2025, entrepreneurs may need to reassess their banking strategies to minimize extra costs and explore digital payment alternatives.
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